You go to the gym to get physically fit, so visit or contact Welcome Federal Credit Union (WFCU) to get financially fit!
Like physical health, financial health requires planning, ongoing attention, and maintenance. Start your financial fitness journey by scheduling a Financial Health Check with WFCU.
Steps Toward Financial Fitness
There are steps you can take to create your path to financial health.
- Create a Budget
- Examine how you spend to determine how to save and invest.
- Crunch your numbers to see where your earned income is going.
- Divide your expenses into needs and wants – what is necessary and what isn’t.
- Follow the 50/30/20 rule. Take 50% of your net income and allocate 30% to “wants” and 20% to savings and reducing debt.
- Set Realistic Financial Goals
- Like a physical challenge, set manageable goals, such as paying down, paying off, or consolidating debt.
- Start building an emergency fund (goal: 3-6 mos. of expenses).
- You can take on bigger goals, such as saving for a home, car, or vacation, as you accomplish your manageable goals.
- Schedule a Financial Health Assessment
- Connect with a Welcome professional who will provide personalized solutions.
- Understand your credit score.
- Take advantage of financial education opportunities such as online webinars.
- Build Healthy Financial Habits
- Regularly review your financial statements and budget.
- Set up automatic deposits into savings. Pick an amount or percentage that works for you. You can start small and increase over time.
- Pay down loans and credit card debt.
- Set up bank alerts. Be alerted when you receive a large deposit or fall below a certain balance.
- Stick to your shopping list! If you know you can’t resist a bargain, leave credit cards at home when you shop. Only have cash or a debit card on hand.
- Invest for retirement – it’s never too early.
- Budget for something fun – you deserve to reward yourself for good spending.
Just like miracle weight loss products, quick financial fixes do not work. Financial well-being requires discipline, self-awareness, and a proactive approach.
WFCU will provide you with the tools, products, and resources to help you understand and manage the fundamentals of personal finance. This will empower you to make better financial decisions for your future.
Contact WFCU or a loan officer, where you will always be Welcome!